BPZ Energy Announces Offering of Convertible Senior Notes

September 18, 2013 16:41 ET | Source:BPZ Resources

Houston, Sept. 18, 2013 (GLOBE NEWSWIRE) -- BPZ Resources Inc.,
(NYSE: BPZ) (BVL: BPZ), today announced that it has commenced,
subject to market and other conditions, an underwritten public
offering of approximately $110 million aggregate principal amount
of Convertible Senior Notes due 2017 (the "2017 Notes") under its
effective shelf registration statement. The interest rate,
conversion rate and other terms of the 2017 Notes will be
determined at the time of pricing of the offering.

The Company intends to use the net proceeds from the offering to
undertake repurchases, from time to time, in individually
negotiated transactions, on potentially varying terms, of certain
of its outstanding 6.50% Convertible Senior Notes due 2015, and for
general corporate purposes, including to fund its exploration and
production efforts or other projects or to reduce or refinance its
outstanding debt or other corporate obligations.

The Company intends to grant the underwriter a
30-day option to purchase additional Notes to cover
over-allotments, if necessary. In addition, the International
Finance Corporation (IFC) holds the right to participate in the
offering for up to 45 days after being notified of the terms of the
offering, which, if exercised would increase the size of the
offering.

Raymond James is acting as sole book-running
manager for the offering. The 2017 Notes offering is being made
only by means of a prospectus, forming a part of the Company's
effective shelf registration statement, related prospectus
supplement and other related documents. You may obtain these
documents at no cost by visiting EDGAR on the Securities and
Exchange Commission website at www.sec.gov. ; Alternatively,
copies of the prospectus supplement and accompanying prospectus
relating to this offering may be obtained from Raymond James &
Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716,
Attention: Equity Syndicate (telephone: 800-248-8863 or email:
prospectus@RaymondJames.com).

This announcement is neither an offer to sell nor a solicitation
of an offer to buy any of these securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.

BPZ ENERGY

Houston-based BPZ Energy, which trades as BPZ Resources, Inc.
under ticker symbol BPZ on the New York Stock Exchange and the
Bolsa de Valores in Lima, is an independent oil and gas exploration
and production company which has license contracts covering
approximately 2.0 million net acres in offshore and onshore
Peru. The Company holds a 51% interest in offshore Block Z-1,
which it is developing in partnership with Pacific Rubiales Energy
Corp. BPZ Energy also holds 100% working interests in three
onshore blocks in Peru. Please visit the Company's website at
www.bpzenergy.com for more information.

FORWARD LOOKING STATEMENTS

This Press Release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These forward looking
statements are based on our current expectations about our company,
our properties, our estimates of required capital expenditures and
our industry. You can identify these forward-looking statements
when you see us using words such as "anticipates," "intends,"
"will," "expects," and other similar expressions. These
forward-looking statements involve risks and
uncertainties.

Our actual results could differ materially from those
anticipated in these forward looking statements. Such uncertainties
include the completion or success of the offering and the sale of
the 2017 Notes, the anticipated terms of the 2017 Notes and the
offering, the anticipated use of the proceeds from the offering,
successful installation of our new platform in Corvina, the success
of our project financing efforts, accuracy of well test results,
results of seismic testing, well refurbishment efforts, successful
production of indicated reserves, satisfaction of well test period
requirements, successful installation of required permanent
processing facilities, receipt of all required permits, the
successful management of our capital expenditures, and other normal
business risks. We undertake no obligation to publicly update
any forward-looking statements for any reason, even if new
information becomes available or other events occur in the
future.

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